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Question

Student Loan Interest

Forum|Forum|5 years ago
May 11, 2020
1 reply
0 views

Hello,

My parents claim me as dependent, My parents are paying interest on my loan.

Question is can my parents deduct the interest even though the 1098E is on my name?

Thanks

Employee

They can deduct the interest if they are liable for the loan.

sunene123Author

But I was employed part time in 2019 and earned more than $6K. Am I allowed to deduct the 1098-E that is on my name or it can still be deducted by my parents on there tax since I am depended on them.

Thanks,

Employee

If you are a dependent now you can not deduct the interest. Even if you were not their dependent now, if your parents took out the loan when you were their dependent student and they are legally liable for the loan, they can take the deduction.